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As go the airlines, so go hotels

According to a PKF econometric analysis, a 1% decline in the number of airline seats flown within the U.S. results in a 0.39% decline in demand at the nation's hotels. If airline capacity falls 10% (an expected drop after the busy summer travel season), then lodging demand would fall 3.9%, said PKF.

"To put this in perspective, the decline in lodging demand experienced in 2001 was just 3.3%," said Mark Woodworth, PKF's president.

I'm thinking this has much more to do with leisure travel/vacationers than meeting attendees, though.